Dogecoin, a meme coin that was developed as a parody of Bitcoin and introduced as a side project in 2013 by two IT engineers (one of whom is known on X as “Shibetoshi Nakamoto”), has increased by more than 10% in the last day, rising from $0.0730 to the $0.0813 mark.
DOGE has increased for the past two days. All things considered, the top meme currency has increased by 14.74% in the past 48 hours.
According to CoinMarketCap, the trading volume reached $1,150,262,483 after rising by more than 15% over the previous day.
The Dogecoin Fear and Green Index, which also tracks market sentiment for Bitcoin, Ethereum, and other cryptocurrencies, shows 68 and stays in the Greed category despite the cryptocurrency’s growing price. This suggests that the market could be overheated and that traders and investors will probably start selling DOGE in order to benefit from it, which would drive down the price.
When the index starts to display “fear,” it indicates a favourable purchasing opportunity and suggests that market players will probably start hoarding coins, which will raise their price.
https://x.com/DogecoinFear/status/1723302096915869796?s=20
Analyst Ali Martinez published a figure earlier this week from on-chain data business IntoTheBlock, as reported by U.Today. According to the graphic, DOGE was “navigating a tight zone, sandwiched by two crucial supply walls.”
An opportunity for a Dogecoin breakthrough appeared on the chart. Martinez said that might happen if DOGE is able to break above $0.076. The market should be observing “the next significant hurdle at $0.084” in such scenario, he said.
